IG Petrochemicals Confirms Greenfield Expansion of Phthalic Anhydride Capacity Worth INR 6000 Million

IG Petrochemicals is a renowned producer of Phthalic Anhydride in India encompassing around 50 percent of the total market share. Progressing its plans of becoming a global Phthalic Anhydride leader, the company’s Board of Directors on 9^th February approved to undertake the greenfield expansion of Phthalic Anhydride with near 80 KTPA capacity along with its derivatives.The expansion is expected be to be complete by 2024.

The greenfield project based in Gujarat is perceived to adhere a total expenditure of around INR 6000 million. Board of IG Petrochemicals has revealed that they will be gathering the expenses for the new project through several borrowings and internal funds. The company is presently operating with 90 per cent efficiency at its existing capacity which is around 220 KTPA.

IG Petrochemicals along with SI Group and Thirumalai Chemicals (TMC) has recently proposed the continuation of anti-dumping probe on Phthalic Anhydride imports from Russia. As per ChemAnalyst, “The greenfield expansion of Phthalic Anhydride by IG Petrochemicals is a smart move, as with government’s inclination on self-reliant India, the demand for domestically manufactured Phthalic Anhydride is expected to increase in downstream industries like unsaturated polyester resin, paints and coatings and plasticizers.”